Our ECS Enhanced Compliance Solution (ECS) is a comprehensive AML transaction monitoring system designed in accordance with U.S.A. PATRIOT Act statutes, to detect and properly document suspicious & potentially fraudulent behavior. The unique “hidden relationship” functionality of ECS monitors activity or patterns of behavior among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.more

PREVENT systematically and continuously assesses the risk on all your accounts through the evaluation of risk factors related to each account.. This ensures up-to-date risk assessment of all your accounts, at all times, and in line with your risk policy. Account Risk, the cornerstone that drives your AML transaction monitoring, review procedures, and due diligence requirements, can be automatically updated as frequently as transactions are processed and information is gathered on accounts. With its ability to dynamically re-evaluate and fine-tune risk criteria, the impact on changes to your risk policies can be easily reviewed and implemented through the use of a quick and friendly reiterative process. more

Our Fraud Monitoring module, RETINA, provides an automated means to monitor transactions such as Fedwires, SWIFT, and ACH, on a real time basis prior to their release. Using a diverse array of monitoring rules configured by the bank's fraud prevention department, RETINA guards your bank against fraudulent activity by suspending the transactions and producing alerts. more

FedLink Anywhere eliminates the time consuming job of manually preparing customer wire requests. Its Web-based design allows bank customers and branch personnel to securely prepare and authorize wire transfer requests from anywhere in the world. The FedLink Anywhere module provides a Web-based front end for remote branches and bank customers.more

For banks with high wire transfer volumes or short service windows, FedLink Direct Connect links your wire transfer application to the Federal Reserve Bank (FRB), bypassing FedLine Advantage. Operating as an unattended server application, wire transfers are instantly received and sent to the FRB upon approval without operator intervention. FedLink Direct Connect is certified by the FRB to process messages in accordance to FRB’s protocol and specifications.more

FedMail automates the task of advising customers when transfers are received or sent. Once a transfer is approved in FedLink, FedMail immediately produces an advice via either email or fax. Account Officers and branches may be set up to automatically receive copies of the advices whenever a transfer is approved for a corresponding customer.more

The SWIFT Interface Module integrates with FedLink providing Straight Through Processing (STP) of SWIFT messages through the Federal Reserve’s Fedwire system. The conversion and flow of messages are facilitated without manual intervention, reducing manual work and service times.more

FedLink’s Multicurrency Module streamlines your international payment process by obtaining Foreign Exchange (FX) Rates in real time from your FX processor. With no need for manual intervention, special FX rates are assigned to large payments, or to specific customers, using pre-negotiated pricing tiers and margins.more

Our OFAC EDD Server scans lists published by the US Office of Assets Control (OFAC), the Bank of England (BOE) and other sources. It is designed not only to scan blocked entities but also to assist banks in the process of Enhanced Due Diligence (EDD) by searching through other databases such as lists of Politically Exposed Persons (PEP) . Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.more

Our Products

Ocean Systems’ offers a comprehensive line of software products designed to automate tasks and to ensure anti money laundering compliance.

ECSOur ECS Enhanced Compliance Solution (ECS) is a comprehensive AML transaction monitoring system designed in accordance with U.S.A. PATRIOT Act statutes, to detect and properly document suspicious & potentially fraudulent behavior. The unique “hidden relationship” functionality of ECS monitors activity or patterns of behavior among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.

PREVENTPREVENT systematically and continuously assesses the risk on all your accounts through the evaluation of risk factors related to each account.. This ensures up-to-date risk assessment of all your accounts, at all times, and in line with your risk policy. Account Risk, the cornerstone that drives your AML transaction monitoring, review procedures, and due diligence requirements, can be automatically updated as frequently as transactions are processed and information is gathered on accounts. With its ability to dynamically re-evaluate and fine-tune risk criteria, the impact on changes to your risk policies can be easily reviewed and implemented through the use of a quick and friendly reiterative process.

RETINAOur Fraud Monitoring module, RETINA, provides an automated means to monitor transactions such as Fedwires, SWIFT, and ACH, on a real time basis prior to their release. Using a diverse array of monitoring rules configured by the bank's fraud prevention department, RETINA guards your bank against fraudulent activity by suspending the transactions and producing alerts.

FEDLINK DIRECT CONNECTFor banks with high wire transfer volumes or short service windows, FedLink Direct Connect links your wire transfer application to the Federal Reserve Bank (FRB), bypassing FedLine Advantage. Operating as an unattended server application, wire transfers are instantly received and sent to the FRB upon approval without operator intervention. FedLink Direct Connect is certified by the FRB to process messages in accordance to FRB’s protocol and specifications.

FEDMAILFedMail automates the task of advising customers when transfers are received or sent. Once a transfer is approved in FedLink, FedMail immediately produces an advice via either email or fax. Account Officers and branches may be set up to automatically receive copies of the advices whenever a transfer is approved for a corresponding customer.

SWIFT INTERFACEThe SWIFT Interface Module integrates with FedLink providing Straight Through Processing (STP) of SWIFT messages through the Federal Reserve’s Fedwire system. The conversion and flow of messages are facilitated without manual intervention, reducing manual work and service times.

MULTICURRENCYFedLink’s Multicurrency Module streamlines your international payment process by obtaining Foreign Exchange (FX) Rates in real time from your FX processor. With no need for manual intervention, special FX rates are assigned to large payments, or to specific customers, using pre-negotiated pricing tiers and margins.

OFAC-EDD SERVEROur OFAC EDD Server scans lists published by the US Office of Assets Control (OFAC), the Bank of England (BOE) and other sources. It is designed not only to scan blocked entities but also to assist banks in the process of Enhanced Due Diligence (EDD) by searching through other databases such as lists of Politically Exposed Persons (PEP) . Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.

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Product Details

Enhanced Compliance Solution (ECS) AML / BSA Monitoring

Ocean Systems’ Enhanced Compliance Solution (ECS) is a monitoring software system, designed to assist Financial Institutions with the compliance of the PATRIOT Act. ECS combines its Know Your Customer and Enhanced Due Diligence functionality with its robust monitoring of accounts to detect and document fraudulent and abnormal behavior.

ECS monitors transactions using both rules based and statistical based methods to detect abnormal trends and behavioral patterns. Simplicity of use is one of the key factors in the system’s design. Alerts can be easily managed, prioritized, and documented. A fully featured Case Management process allows for the grouping and filing of events on specific customers to facilitate special investigations and filing of SARs.

ECS monitors activity on the entire relationship between persons and accounts having entities in common and groups of clients. Persons can be related to clients and non-clients allowing the system to analyze and track suspicious transactions amongst persons that are not related to the same client

ECS is highly configurable and can be customized to fit the requirements of your BSA Policy. Alerts are generated when exceptions are detected and sent to individuals designated by your compliance procedures to handle the alert.

Prior to installation, expert banking consultants will carry out a pre-installation assessment of your data and will manage the implementation of the project.

You may also elect to have our experienced professionals perform an assessment of your financial institution’s compliance program or assist you with an on-going review and fine-tuning of your monitoring parameters and risk assignment of accounts.

Ocean Systems, Inc.

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News

12/8/2013

Ocean Systems to Sponsor Upcoming FIBA AML Conference

Ocean Systems will again sponsor the Florida International Banking Association's AML Conference. The 14th Annual Money Laundering Compliance Conference will be held in Miami on February 20 - 21, 2014.

FedLink Release 7.8 was made available to comply with the requirements set forth by the Remittance Transfer Regulation, an amendment to Regulation E, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Much of the functionality was already implemented in Release 7.7 prior to the last amendment to the ruling, yet some modifications and enhancements were made in Release 7.8 to address the latest changes.

Users of FedLink Anywhere may now obtain live Foreign Exchange Rates from Wells Fargo when preparing international wire transfer payments. For consumer remittances, the user is presented with a pre-payment disclosure that incldues the FX Rate, third party fees, and delivery date, to comply with the Dodd Frank Regulation E.

2/12/2013

Ocean Systems unveils new ECS Release 3.0 in its user conference

Ocean Systems held its user conference today in Miami. Attendees of user banks from the US, Latin America, and the Caribbean were present to witness the SENTINEL, the new ECS Release. Other modules were also presented, including the new versions of PREVENT Risk Assessment, and RETINA, the Real Time Fraud Monitoring.

2/7/2013

Ocean Systems releases a new version of its Multicurrency Module to comply with Dodd-Frank Regulatio

FedLink's Multicurrency Module, Release 7.7, allows both bank customers and branch personnel to produce a Pre-Payment Disclosure when a foreign payment is prepared as required by the upcoming Dodd-Frank Regulation E.

In anticipation of the upcoming Dodd-Frank Regulation E, Ocean Systems has released FedLink Version 7.7. The new release complies with all disclosure requirements of the new Regulation E as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. User banks may design their own templates in multiple languages to produce both the Pre-Payment Disclosure and the Payment Receipt. The disclosures include the associated currency exchange rate, third party fees and taxes, and all other information required by the new Reg-E.

12/1/2012

Ocean Systems to Sponsor Upcoming FIBA AML Conference

Ocean Systems will again participate as a gold sponsor at the Florida International Banking Association's AML Conference. The 12th Annual Money Laundering Compliance Conference will be held in Miami on February 23 - 24, 2012.